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FG, states, local govts share N1.2trn FAAC allocation in May 2024

FAAC shares N656 billion to FG, states, LG in April 2022

The Federation Accounts Allocation Committee (FAAC) has disbursed a total sum of N1.208 trillion to the Federal, States and Local Government Councils from the April 2024 federation account revenue.

Disbursement gulps 55% of April 2024 Federation revenues

The total amount disbursed at N1.208 trillion represents 55 percent of the total revenue available of N2.192 trillion available in the month of April 2024.

This is contained in a communiqué issued at the of the May 2024 FAAC meeting held in Abuja on Thursday, the total distributable revenue comprised statutory revenue of N284.716 billion, distributable Value Added Tax (VAT) revenue of N466.457 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion and Exchange Difference revenue of N438.884 billion.

Of the total revenue of N2.192 trillion available in the month of April 2024, total deduction for cost of collection was N80.517 billion; total transfers, interventions and refunds was N903.479 billion.

Read also: Poverty reigns in oil states despite two-fold FAAC boost

“Gross statutory revenue of N1.23 trillion was received for the month of April 2024. This was higher than the sum of N1.017 trillion received in the month of March 2024 by N216.282 billion.

“The gross revenue available from the Value Added Tax (VAT) in April 2024 was N500.920 billion. This was lower than the N549.698 billion available in the month of March 2024 by N48.778 billion,” it stated.

The Federal Government, of the total distributable revenue, received a total sum of N390.412 billion, the State Governments received N403.403 billion and the Local Government Councils received N293.816 billion, while a total sum of N120.450 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N284.716 billion distributable statutory revenue, the communiqué stated that the Federal Government received N112.148 billion, the State Governments received N56.883 billion and the Local Government Councils received N43.855 billion. The sum of N71.830 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

Also, the Federal Government received N69.969 billion, the State Governments received N233.229 billion and the Local Government Councils received N163.260 billion from the N466.457 billion distributable Value Added Tax (VAT) revenue.

“A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion Electronic Money Transfer Levy (EMTL). The State Governments received N9.012 billion and the Local Government Councils received N6.308 billion.

“The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue. The State Governments received N104.279 billion and the Local Government Councils received N80.394 billion. The sum of N48.620 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

Read also: FAAC disbursement jump 101% to N2.07 trillion in one year

“In the month of April 2024, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL) and CET Levies increased significantly while Import Duty and Value Added Tax (VAT) recorded considerable decreases. While the balance in the ECA was $473,754.57”, it stated.